Group 1 - Company Lianhua Technology announced that on September 24, 2025, it will be participating in a research meeting hosted by Galaxy Securities, with senior vice president and secretary Chen Feibiao and securities affairs representative Dai Yiyi attending to answer investor questions [1] - The A-share market has reached a total market value of over 116 trillion yuan, marking a significant milestone one year after the "9.24" event [1] - The article highlights four major transformations that are reshaping the new ecology of China's capital market [1]

Group 1: Pharmaceutical Business - The pharmaceutical business showed significant growth in the first half of the year, primarily due to concentrated shipments. The company continues to adhere to a major client strategy, focusing on CDMO business models and has established stable commercial relationships with several leading global pharmaceutical companies [1] - The company is actively expanding its client base, targeting strategic and high-viscosity clients, which is expected to drive further growth in the pharmaceutical sector as client product pipelines develop [1] Group 2: Agricultural Protection Business - The agricultural protection business is anticipated to recover in the second half of the year as the client inventory reduction cycle comes to an end. The business primarily focuses on CDMO, covering a range of products including insecticides, herbicides, and fungicides [1] - The company has over 20 years of experience in the agricultural protection industry and is recognized as a strategic partner by five major original research agricultural protection companies, providing comprehensive R&D, production, and supply chain solutions [1] Group 3: Overseas Subsidiaries - The UK subsidiary has improved its operational performance in the first half of the year, with increased capacity utilization and significant foreign exchange gains contributing to its revenue performance [2] - The Malaysian subsidiary is still under construction, with plans for it to focus on the production and sales of patented agricultural protection products once operational [2] Group 4: New Energy Business - The new energy business is expected to achieve significant progress this year, with collaborations established with several leading new energy companies, leading to stable supply and a substantial revenue breakthrough anticipated [2] - The company aims to optimize production and sales processes to reduce costs and enhance profitability in the new energy sector while also focusing on innovative product development [2] Group 5: Competitive Landscape - The company believes that Indian competitors cannot fully replace domestic suppliers, as clients seek to stabilize their supply chains through multi-regional sourcing [2] - China maintains a more comprehensive supply chain system, mature waste management processes, and a robust patent protection system, which provides a competitive edge in the international market [2]

Group 1 - The core viewpoint of the article highlights the production capacity and market dynamics of lithium hexafluorophosphate and lithium bis(fluorosulfonyl)imide, indicating that companies are facing limited output due to market conditions [2][4] - Lianhua Technology has a planned production capacity of 20,000 tons/year for lithium hexafluorophosphate and 10,000 tons/year for lithium bis(fluorosulfonyl)imide, with strategic partnerships formed with leading domestic and international manufacturers to provide customized products [2] - Tianji Co., Ltd. reports that all three of its lithium hexafluorophosphate plants are operating at full capacity, with low inventory levels and rising prices, and expects continued full production in the second half of the year [4] Group 2 - The article mentions that Tianji Co., Ltd. currently has a production capacity of 37,000 tons/year for lithium hexafluorophosphate [4] - The meeting details indicate that the event is organized by Xinluo Information and will take place in Shanghai on November 12-13, 2025 [5][6] - The company emphasizes the importance of strategic cooperation and the development of competitive chemical products to support customer growth [2]

Core Viewpoint - The company has established itself as a significant strategic supplier in the agricultural protection industry, ranking among the top five companies [1] Group 1: Strategic Partnerships - The company has successfully become a strategic supplier for several international pharmaceutical giants and has partnered with many of the top 20 pharmaceutical companies [1] - This recognition has provided the company with a competitive product advantage and broad market opportunities [1] Group 2: Business Segments - The company's functional chemicals division primarily focuses on self-produced and self-sold products [1] - Key areas covered by this division include personal care and battery sectors [1]

Core Viewpoint - Lianhua Technology's stock price has experienced significant fluctuations, with a year-to-date increase of 90.53% but a recent decline in the last five trading days by 6.52% [2] Company Overview - Lianhua Technology, established on September 14, 1998, and listed on June 19, 2008, is located in Taizhou, Zhejiang Province. The company operates in three main sectors: pesticides, pharmaceuticals, and functional chemicals [2] - The revenue composition of Lianhua Technology is as follows: pesticides 54.03%, pharmaceuticals 32.32%, functional chemicals 8.42%, equipment and engineering services 4.88%, and others 0.36% [2] Financial Performance - For the first half of 2025, Lianhua Technology reported revenue of 3.15 billion yuan, a year-on-year increase of 5.76%, and a net profit attributable to shareholders of 224 million yuan, reflecting a substantial growth of 1481.94% [3] - The company has distributed a total of 960 million yuan in dividends since its A-share listing, with 129 million yuan distributed over the past three years [4] Shareholder Information - As of June 30, 2025, Lianhua Technology had 72,300 shareholders, an increase of 88.92% from the previous period, with an average of 12,533 circulating shares per shareholder, a decrease of 47.07% [3] - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 40.36 million shares, which is an increase of 21.34 million shares from the previous period [4] Market Activity - On September 23, Lianhua Technology's stock price fell by 2.06%, trading at 10.46 yuan per share, with a total transaction volume of 67.35 million yuan and a turnover rate of 0.70% [1] - The stock has appeared on the "Dragon and Tiger List" nine times this year, with the most recent appearance on June 25, where it recorded a net buy of -46.85 million yuan [2]

Core Insights - The company has a planned production capacity of 20,000 tons/year for lithium hexafluorophosphate and 10,000 tons/year for lithium bis(fluorosulfonyl)imide, but production is limited due to market conditions [2] - The company does not produce PVDF-HFP water-based adhesives or sulfide electrolyte materials [2] - The company has formed strategic partnerships with leading domestic and international manufacturers to provide differentiated and customized product services, leveraging its technical expertise and production resources [2]

Group 1 - The company, Linghua Technology (002250.SZ), confirmed on September 22 that it does not have any business related to photoresist [1]

Group 1 - The company has planned an annual production capacity of 20,000 tons for lithium hexafluorophosphate (LiPF₆) and 10,000 tons for lithium bis(fluorosulfonyl)imide (LiFSI) [1] - Due to market conditions, the actual output of these products is limited [1] - The company does not currently produce PVDF-HFP water-based adhesives or sulfide electrolyte materials [1] Group 2 - The company has formed strategic partnerships with leading domestic and international manufacturers [1] - It leverages its technical expertise and production resources to provide differentiated and customized product services [1] - The company aims to develop and offer various competitive key chemicals in collaboration with its customers [1]

Core Points - On September 16, 2025, the company will hold a staff representative meeting in its conference room [2] - The staff representatives unanimously agreed to elect Mr. Fan Xiaobin as the employee representative director of the company's ninth board of directors [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4]. Core Viewpoints - The company's performance in the first half of 2025 exceeded market expectations, showing signs of recovery with a revenue increase of 5.76% year-on-year and a significant net profit growth of 1481.94% [1][2]. - The recovery in profitability from the agricultural protection business and significant growth in the pharmaceutical sector are key drivers of the company's improving performance [2][8]. - The company is focusing on expanding its overseas operations and enhancing its product offerings in the agricultural protection and pharmaceutical sectors, which are expected to contribute to long-term growth [8][9]. Financial Summary - **Revenue Forecast**: The company is projected to achieve revenues of 68.82 billion, 79.49 billion, and 90.29 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 21.2%, 15.5%, and 13.6% [9]. - **Net Profit Forecast**: Expected net profits are 4.09 billion, 5.81 billion, and 7.28 billion yuan for the same years, with growth rates of 297.0%, 42.0%, and 25.2% [9]. - **Earnings Per Share (EPS)**: The projected EPS for 2025, 2026, and 2027 are 0.44, 0.63, and 0.79 yuan, respectively [9]. - **Valuation Ratios**: The price-to-earnings (P/E) ratios are expected to be 25.6, 18.0, and 14.4 for the years 2025, 2026, and 2027 [9]. Business Segment Performance - **Agricultural Protection**: Revenue from agricultural intermediates was 17.02 billion yuan, with a year-on-year decline of 9.13%. However, the gross margin improved to 24.99%, up 9.48 percentage points year-on-year [2]. - **Pharmaceuticals**: The pharmaceutical segment saw revenue of 10.18 billion yuan, a year-on-year increase of 42.80%, with a stable gross margin [8]. - **New Energy**: The company has commercialized four new energy products and is advancing several others through various stages of development, indicating potential for a second growth curve [9].